NSE has informed its members that the Securities Appellate Tribunal (SAT), via order dated March 6, 2026, has set aside SEBI’s earlier order (CGM order dated October 25, 2023) that had restrained Shivaay Investments (through its proprietor Jaydeepgiri Goswami, PAN: BSKPG9592A) from accessing the securities market. The original SEBI order arose from a complaint alleging the entity was providing unlicensed investment advisory services and guaranteeing IPO allotments.

Key Points

• SAT order dated March 6, 2026 (Appeal No. 266 of 2025) sets aside the CGM, SEBI order dated October 25, 2023.
• The original SEBI order had barred Shivaay Investment Proprietor Jaydeepgiri Goswami (PAN: BSKPG9592A) from buying, selling, or otherwise dealing in the securities market, directly or indirectly, for two years.
• The original complaint (filed by Mr. Chirag Sadhu) alleged the entity offered guaranteed IPO allotments and collected advisory fees (₹77,000 paid on December 16, 2020).
• The SAT bench comprised Justice P.S. Dinesh Kumar (Presiding Officer), Ms. Meera Swarup, and Dr. Dheeraj Bhatnagar (Technical Members).
• NSE Circular reference: NSE/INVG/73684 (Circular Ref. No. 028/2026).

Regulatory Changes

No new regulatory framework introduced. The SAT’s reversal of the SEBI order restores the entity’s ability to access the securities market. The debarment imposed under the original SEBI interim/final order is no longer operative.

Compliance Requirements

• NSE members must take note of the lifted debarment and update their internal compliance records accordingly.
• Members should refer to the updated consolidated list of SEBI-debarred entities on the NSE website: https://www.nseindia.com/regulations/member-sebi-debarred-entities.
• For queries, members may email: dl-invsg-all@nse.co.in.

Important Dates

• October 25, 2023: Original SEBI (CGM) order debarring Shivaay Investments / Jaydeepgiri Goswami.
• March 6, 2026: SAT order (Appeal No. 266 of 2025) setting aside the SEBI order.
• April 9, 2026: NSE circular issued notifying members of the SAT order.

Impact Assessment

The impact is narrow and entity-specific. The debarment reversal affects only Shivaay Investments / Jaydeepgiri Goswami and has no broader market or systemic implications. NSE members need to ensure their debarred-entity watch lists are updated to reflect the removal of this entity from restriction. No trading restrictions, listing changes, or margin/surveillance measures are involved.